Sterling has had a slight revival against the Australian Dollar, taking advantage of a moment of weakness for commodity currencies worldwide. Investors tend to flock in and out of popular locations as to where to hold their funds, currently taking Oil Gold and Iron Ore to record low levels. Weak commodities indicate a poor attitude to risk and as USD is currently incredibly strong, AUD is out of favour.
With strong UK retail sales released this morning we may find that 1.80 on the market is not breached again until next week. With that in mind if I were buying AUD I’d look to take advantage of what may be short lived.
Feel free to drop me a line if you wish to discuss a transaction – 01494 787 478 – direct to the trading floor.
If email is better, AJB@currencies.co.uk